Blockchain, also referred to as
distributed ledger has proven to be the ideal solution for democratizing
various industry segments, including financial sector which have remained
heavily centralized over decades. The very technology is now increasingly being
implemented in the entertainment sector. Token.FM is
one such platform that has adopted a similar approach in the music industry.
Token.FM is a blockchain-based music distribution service
developed by Tokenly, a blockchain technology solutions company. A
couple of days ago, the company announced the upcoming launch of its Token.FM
platform. In the press release,
Tokenly mentions the trial to go live sometime during early May 2017, followed
by the launch of its Series A fundraising round.
The new Tokenly product has already received the distinction of
being the first ever blockchain-based direct-to-fan music platform. Token.FM
allows singers and artists to take control over their creations by enabling
them to decide the pricing, distribution, and revenue split for streaming and
sales. In addition, the platform provides fans with unprecedented access to
exclusive content, including artist chats/experiences, early access to concert
tickets, merchandise and more.
In the press release, the CEO of Tokenly Adam B Levine was
quoted saying,
“Token.FM is all about deepening the relationship
between artists and fans while restoring the sense of music ownership that has
been largely missing from the digital music experience. Now, artists can fully
control the distribution of their music and see exactly who their most devoted
fans are, rewarding them with exclusive perks. Meanwhile, fans enjoy full
ownership of the music they purchase and a closer relationship with their
favorite artists and fellow music lovers. In the end, it’s all thanks to the power
of the Blockchain, which we are thrilled to take beyond the stage of conception
and concretely apply to direct-to-fan music sales for the very first time.”
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